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Dec 27, 2012
12/12
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similarly in greece. so, you had executives coming to greece, bribing politicians. the greek government -- they did not listen. then 2008. the conservative prime minister, he is not a stupid man. he was a terrible prime minister, but he is not a stupid man. you know what he did? he bailed out. he has not spoken since. he affectively called for a general election. he did not contest it. it was much worse than obama's first debate. he appeared before them and was like "don't vote for me." he lost that election. he did not have to call for that election. he called for it to lose it, to stay at home. he has not spoken since. he is having a nice holiday. and then there was papandreou. i was an advisor up until 2006. so i am not to blame. who unfortunately, he did not see the crisis of the eurozone collapsing. the eurozone had no foundation. there was an earthquake. it starts unraveling with greece. now, let's say between 1995 and 2008 god and his angels descended on an athens and ran the show. with rationality, omniscience, ethos, and morality. greece would not have been
similarly in greece. so, you had executives coming to greece, bribing politicians. the greek government -- they did not listen. then 2008. the conservative prime minister, he is not a stupid man. he was a terrible prime minister, but he is not a stupid man. you know what he did? he bailed out. he has not spoken since. he affectively called for a general election. he did not contest it. it was much worse than obama's first debate. he appeared before them and was like "don't vote for...
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Dec 27, 2012
12/12
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in europe and what could happen here if we do not get our house in order, but we certainly are not greece. >> you have talked about a single-minded focus, but you are leaving it with the job undone. how are you feeling about leaving it at this particular time? >> i'm hopeful the job will be done. we still have several weeks. we have laid out the plans and all of these efforts that i have been part of and other efforts as well. i still have some optimism. that we will get this job done and get it done now. one of the reasons i did not run again is that i wanted to focus this last two years. i knew if i was running a would not be able to be in the hundreds of hours of negotiations that i have been in. and those negotiations have generated a work product for those who are available to negotiate. and i believe those who have been negotiating will be part of a solution, whether it comes early this next year -- and whether it comes at the end of this year, or early the next. >> what will you be doing next? >> i do not know. i will be doing some speaking, some teaching. i have people starting to
in europe and what could happen here if we do not get our house in order, but we certainly are not greece. >> you have talked about a single-minded focus, but you are leaving it with the job undone. how are you feeling about leaving it at this particular time? >> i'm hopeful the job will be done. we still have several weeks. we have laid out the plans and all of these efforts that i have been part of and other efforts as well. i still have some optimism. that we will get this job...
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Dec 27, 2012
12/12
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like we are doing in greece. in greece, we've had the most brutal, a substantial fiscal squeeze and in the history of humanity. if you look at the numbers, and nowhere before as the budget -- has the budget been squashed so savagely. and what happened to the debt? 129% to 200% of gdp. it is what happens. when you kill the cow that produces the milk, it will not produce more milk and if you keep hitting it, it will not produce more. the problem with the economy is, we need to start recycling global surpluses again in a rational way. the great advantage of having no qualms about lying through your teeth as politicians in this country and in my country have been known to do -- the story that i have been trying to tell is quite complicated. you can use simplification in order to confuse people. when in being interviewed by the media, you have about 20 seconds. you have to answer the question of what is wrong with the world. if you say, well, we have too much debt. we will become the slaves of the chinese like these a
like we are doing in greece. in greece, we've had the most brutal, a substantial fiscal squeeze and in the history of humanity. if you look at the numbers, and nowhere before as the budget -- has the budget been squashed so savagely. and what happened to the debt? 129% to 200% of gdp. it is what happens. when you kill the cow that produces the milk, it will not produce more milk and if you keep hitting it, it will not produce more. the problem with the economy is, we need to start recycling...
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Dec 27, 2012
12/12
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CNBC
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we are going to be like greece. that was -- everybody -- both sides, by the way, republicans and democrats, both used the phrase default. you know perfectly well how it works in the government. you can make choices. >> i hate to break the news to you but -- i don't think anyone other than watching cnbc anyone actually cares and nobody believes the federal government will not pay social security or other debts. >> are you kidding me? i think they do. that's what they start with. right? start with the social security checks aren't going to go out. then -- what do people do, call their congressmen? the elderly get frightened. they think they won't have their weekly paychecks. >> this would not be the first time anyone from the executive branch tried to scare senior sit sense what do we do? we are going over the cliff. do you think we are going over cliff? >> i talked to the speaker's people today. bottom line is the speaker did remarkably smart. he didn't bring his bill up because he didn't have the votes and then sent
we are going to be like greece. that was -- everybody -- both sides, by the way, republicans and democrats, both used the phrase default. you know perfectly well how it works in the government. you can make choices. >> i hate to break the news to you but -- i don't think anyone other than watching cnbc anyone actually cares and nobody believes the federal government will not pay social security or other debts. >> are you kidding me? i think they do. that's what they start with....
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Dec 27, 2012
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. >> greece will stain the euro in 2013. that's what lang merkel wants and she's holding the purse strings. she wants to be re-elected and doesn't want any cost of contagion in. the cost on a relative basis is cheap. mexico is the next hot market. almost unnoticed, our southern neighbor becoming an economic stronghold on its own. legal and financial reforms have led to a growing middle class. as china gets more expensive, mexico becomes more competitive in manufacturing. africa disappoints classic emerging markets of russia, brazil and china slow down from their heyday and so-called frontier funds have been started with a focus on the next hot growth area, focusing on africa and many believe now is the time. this is an overgeneralization. the rule of law is not widespread enough in the continent. there is a glimmer of hope such as sun nish sha. countries such as egypt still questionable. we have seen mass rioting there and growing concerns whether the new rule of law and new constitution will effectively protect investors. >
. >> greece will stain the euro in 2013. that's what lang merkel wants and she's holding the purse strings. she wants to be re-elected and doesn't want any cost of contagion in. the cost on a relative basis is cheap. mexico is the next hot market. almost unnoticed, our southern neighbor becoming an economic stronghold on its own. legal and financial reforms have led to a growing middle class. as china gets more expensive, mexico becomes more competitive in manufacturing. africa...